Various Rating Actions On Three Malaysian GREs Following Sovereign Rating Action Jul 11

Standard & Poors, July 2011

Abstract
On July, 27, 2011, Standard & Poor's Ratings Services lowered the local currency sovereign rating on Malaysia to 'A' from 'A+'. We are, therefore, taking rating actions on three GREs: PETRONAS, Axiata, and Telekom Malaysia. The sovereign rating action has no rating impact on any other corporate entity that we rate in Malaysia. SINGAPORE (Standard & Poor's) July 28, 2011--Standard & Poor's Ratings Services said today that it took various rating actions on three Malaysian government-related entities (GREs) after the sovereign rating action on Malaysia (foreign currency A-/Stable/A-2; local currency A/Stable/A-1; axAA+/axA-1) (see "Malaysia 'A-' FC Rating Affirmed; Local Currency Rating Lowered To 'A' From 'A+' On Revised Methodology; Outlook Stable," published on July 27, 2011, on RatingsDirect on the...

Companies mentioned in this report are: Petroliam Nasional Bhd.,Telekom Malaysia Bhd.,Tenaga Nasional Bhd.,AmanahRaya Real Estate Investment Trust,Axiata Group Bhd.
Action: Affirmed
Action: Downgraded
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Petroliam Nasional Bhd.,Telekom Malaysia Bhd.,Tenaga Nasional Bhd.,AmanahRaya Real Estate Investment Trust,Axiata Group Bhd.

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